For decades, a skilled, hardworking employee had little to worry about. Even in hard times, they could switch firms and find new roles. Recent university graduates might struggle at the start, and ageism might rear its ugly head for older applicants, but the notion that substantial numbers of workers might be unemployable was not something that a wide range of executives ever worried about. But HR experts, recruitment consultants, and career professionals point to changes in the job market for some people: they can’t find a role, even in a relatively robust job market. For the last two years, the sidelines of the job market have been filled with competent and trained workers who are perfectly employable—people who have excelled in fields from marketing to finance to data analysis. They’re the reason experts say they’re seeing a growing frenzy to find work. The situation has become so acute that half of people report they are completely burned out by the job-hiring process. In most cases, this new group of unemployables are only just coming to grips with reality. #recruitment #jobhuntng #unemployable #skills
David Buley’s Post
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Did you know that merely finding a new job post-displacement doesn't ensure a smooth transition or sustained earnings? A recent study by exposes the harsh reality of skill mismatch after job loss. Here's the scoop: 🔍 The research, spanning decades and focusing on displaced German workers, reveals that the type of occupation switch significantly impacts earning trajectories. But here's the kicker: "switchers" face substantial earning losses compared to "stayers", painting a grim picture of post-displacement struggles. 📉 Dive deeper, and you'll find a stark contrast between upskillers and downskillers among switchers. While upskillers bounce back and even surpass previous earnings within seven years, downskillers face a whopping 22.4% wage cut and enduring wage stagnation. It's a tale of two paths, with profound implications for individuals and economies alike. 💡 What insights can you draw from the findings? Share your thoughts below! #JobLoss #SkillMismatch #CareerTransitions #EconomicResilience
It's not a match: Skill mismatch after job loss can have great impact on career
phys.org
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From the perspective of a leader in the outplacement space, the article "The New Unemployables: A Scary Future" underscores the critical need for comprehensive, adaptable support in today's challenging job market. The emergence of a new group of "unemployables" - skilled professionals struggling to find work even in a robust economy - highlights the inadequacy of traditional job search methods. Factors such as talent hoarding, job consolidation, and the anticipated impact of AI have created a perfect storm, leaving many job seekers feeling burned out and unprepared for the new realities of the job market. https://lnkd.in/efj_6JZR As a holistic outplacement provider, Meridian Resources offers dedicated coaching without time limits which is invaluable. Our services provide the personalized, long-term support needed to navigate these unprecedented challenges. A dedicated coach helps job seekers optimize their resumes for AI screening, develop crucial AI-related skills, and craft job search strategies that help them navigate a dysfunctional hiring system. Most importantly, the absence of time constraints allows for a comprehensive approach that addresses not just skills and strategies, but also the mental well-being and resilience of job seekers. This holistic, sustained support is essential in helping professionals adapt to industry-specific trends, overcome job search burnout, and ultimately succeed in a rapidly evolving employment landscape.
The New ‘Unemployables’: A Scary Future
kornferry.com
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📰 Hays' latest research reveals a troubling trend: nearly 48% of workers feel stuck with no career progression opportunities, up from just 32% last year. As optimism about career prospects dips to levels seen post-Brexit and early pandemic, are we on the brink of another Great Resignation? 💼 Over 57% of professionals plan to switch jobs within the next year. Yet fear of leaving secure roles and economic uncertainty are holding many back. 💬 Are you feeling the 'Great Dissatisfaction' too? What's your strategy for career growth in challenging times? 👉 Read Pam Lindsay-Dunn's full insights and discover how employees and employers alike can turn dissatisfaction into opportunities. 📌 https://lnkd.in/e95Ay_uQ #GreatDissatisfaction #CareerGrowth #HaysResearch #WorkplaceTrends #GreatResignation #HR #Resignation
Career growth is stalling amid the ‘Great Dissatisfaction’
https://www.thehrdirector.com
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“It really feels like the power shifted to the employers,” Glassdoor CEO Christian Sutherland-Wong tells Fortune. During the Great Resignation, companies couldn’t find talent fast enough. That put power in the hands of job seekers across the U.S., leading to big wage increases. But that seems like a distant memory now. According to the Bureau of Labor Statistics, the number of open jobs in September of this year was 2 million fewer than the same month in 2023. Workers are struggling to find a job and are more likely to stay put when they have one. “Previously, job seekers had a lot of choices and could easily move between companies. But now they’re holding back, and people stay in their companies longer," says Sutherland-Wong. Read more: https://lnkd.in/eP6YYJCQ
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Our research indicates that workers are experiencing the ‘Great Dissatisfaction’ predominantly caused by a lack of career progression opportunities. How will this impact the employment landscape as we head into the new year? As more professionals have their eye on changing jobs in order to develop their careers, employers must act fast if they want to retain talent and build a happy workforce. Head over to the full article by theHRDIRECTOR to learn more about our research, including insights from Pam Lindsay-Dunn, COO of Hays UK&I: https://lnkd.in/eF7R2jbj #jobdissatisfaction #careerdevelopment #talentretention #employmenttrends
Career growth is stalling amid the ‘Great Dissatisfaction’
https://www.thehrdirector.com
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"I'm staying in a job I dislike because I need the money." This is an oversimplification of what many candidates are telling me. The latest data from Gallup's State of the Global Workforce 2024 reflects this reality: 90% of U.K. workers are not engaged in their jobs, and economic pressure is driving some of this. Despite some receiving pay raises—like one individual who saw a 25% increase over the past few years and earns a high-rate taxpayer salary—many tell me they still feel worse off. Mortgage increases, in particular, are something people mention. Candidates understand that they won't necessarily fix this by moving companies and respect that they are not entitled to more money. Still, economic insecurity drives a lot of the disengagement, in my opinion. Gallup's findings are stark. Only 10% of U.K. workers feel engaged, trailing behind the U.S. and other European nations. Daily stress, sadness, and anger are alarmingly high, contributing to the 'quiet quitting' trend. This disengagement isn't just an HR issue for tech companies—it's a business-critical problem affecting innovation and growth. So, why are workers staying in jobs they dislike? 😨Many employees feel trapped, with less than half believing it's a good time to find a new job. 📉 A 31% drop in job vacancies since the 2022 post-pandemic peak leaves workers feeling they have no choice but to stay put. 🔒 A secure job you dislike is better than an insecure job you would enjoy. 😩 Some people are just a bit worn down. I also suspect changing jobs is an extra stressor for some, and they just don't want to expose themselves to the stress of a job search and onboarding. What does this mean? Disengaged workers cost the global economy trillions in lost productivity, with 'quiet quitters' comprising a significant portion of the workforce. What can you do about it? 🔹 Regularly measure and improve engagement levels and use insights to make meaningful changes. 🔹 Invest in mental health resources and create a supportive work environment. 🔹 Show people there is a future for them in the company. Improve internal mobility and offer clear pathways for advancement and professional growth. 🔹 Ask people or incentivise them to move on and take this cost if appropriate. Above all, something anyone can do is be civil and friendly to the people they interact with through work. I speak to many people each week, and I have noticed that people feel a drop in human connection at work. It takes two minutes to discover how someone is and create a sense of community or togetherness - even in a remote work environment. If someone needs a boost, where appropriate and possible, be their cheerleader. Positivity is infectious😀😃😄 We need to shift the narrative from disengagement to empowerment. How are you ensuring your team stays engaged and motivated? Share your strategies in the comments. #EmployeeEngagement #UKJobs #TalentManagement #WorkplaceWellbeing #Leadership #CareerDevelopment
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Resentment is Building As More Workers Feel Stuck: Workers in the U.S. are running in place -- feeling stuck in jobs with dimmed prospects of advancement and seeing fewer opportunities to jump ship for something better. From a report: It's a sharp contrast to the heady days of 2022 -- when employees were quitting their jobs at record high rates, open roles proliferated and the possibility of a higher paycheck always seemed just around the corner. Employers are sitting tight, says Daniel Zhao, lead economist at job site Glassdoor. Companies aren't making big changes to hiring strategy. That means "fewer opportunities for workers to climb the career ladder," he says. They're still plugging away at the same role they've had for years without the opportunity to move up internally or at a new company. 65% of the 3,400 professionals surveyed by Glassdoor last month said they feel stuck in their current role. "As workers feel stuck, pent-up resentment boils under the surface," Zhao writes in a report out yesterday. Read more of this story at Slashdot.
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In a fast-changing labor market, a concerning trend has emerged — an increasing proportion of highly skilled professionals are finding themselves out of work. This rather interesting, but disturbing conundrum, underlined in a recent Korn Ferry study, emphasizes the difficulties experienced by skilled professionals in a number of industries as they struggle to find work in an otherwise vibrant job market evidenced by low general unemployment. https://lnkd.in/g4B-kN74
The new unemployables: Navigating the future job market
https://www.pacbiztimes.com
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is there actually a #job recession in the market? My speculation on the present #employmentlandscape suggests that it is highly paradoxical in character. While some stories claim that employers are actively seeking new hires, others claim that the labor market is in a slump. So what precisely is going on at this moment? Employers are eager to add new members to their staff, but not all applicants are accepted. The following could be the causes: 1. #Skillgap: The organization is searching for an employee with a certain level of knowledge, but there is a big discrepancy in their real skill set. Workers expect the organization to provide them with the necessary training for the specific position they are looking for. 2. #Employeeturnover: A new trend in the market among entrants is for them to join an organization for a few years, after which they depart in search of other chances. The corporation, who wants devoted workers who share its vision, has become less trusting as a result of this. An organization's "employee turnover" ratio is put in a challenging situation when employees leave on a regular basis. As a result, the employment process has become quite competitive, and the organization has formed several bonds 3. Uncertainty regarding features of future employment –many members of the younger generation, who are currently in their mid-20s and seeking employment, are unsure of the specific kind of position they would like. Just "getting a job" is the reason behind their application. If we investigate this more, we might find more causes. But one thing is certain: there are a number of problems with hiring in the organization for both the company and the applicants. #jobmarket #jobmarket2024 #jobrecession
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In today’s fiercely competitive job market, the concept of 'unemployables' is becoming a stark reality. The Korn Ferry article "The New ‘Unemployables’: A Scary Future" sheds light on a troubling trend where skilled and experienced professionals find themselves on the sidelines, struggling to secure roles even in a deceivingly robust job market. I've seen firsthand how crucial it is to build and maintain a strong personal brand from the very beginning of your career until the end. Personal branding isn't just a buzzword; it's a game you have to play actively. You can't afford to sit on the sidelines or you risk becoming unemployable in a market like this. Here’s why personal branding is vital: 👉 Differentiation in a Crowded Market: With firms hoarding talent and reducing new hiring, standing out is more critical than ever. Your personal brand differentiates you from others, showcasing your unique skills, experiences, and value proposition. 👉 Adaptability and Relevance: Building a personal brand means continually evolving and adapting to new trends and technologies, such as AI. This proactive approach ensures you remain relevant and competitive in your field. 👉 Networking and Opportunities: A strong personal brand helps you build a robust professional network. Engaging on platforms like LinkedIn, sharing insights, and demonstrating your expertise can lead to new opportunities and keep you visible to potential employers. 👉 Resilience in Career Transitions: Whether you’re shifting jobs or facing industry disruptions, a well-established personal brand provides a foundation of trust and recognition that can ease transitions and open doors. ✅ In a market where AI and economic shifts are creating unprecedented challenges, investing in your personal brand is not just advisable; it’s essential. It’s a continuous journey of growth, learning, and engagement. Remember, in the game of personal branding, you have to be an active player to stay employable and thrive in your career. ✅ Stay proactive, keep learning, and make your personal brand your strongest asset. For a deeper dive into this topic, check out Korn Ferry's recent article by my colleagues Dan Kaplan, Mark Arian, Adam Prager, David Vied and David Ellis, PhD on the competitive nature of today’s job market. #CareerDevelopment #PersonalBranding #JobMarket #AI #ProfessionalGrowth #Recruitment
The New ‘Unemployables’: A Scary Future
kornferry.com
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